People looking to save the Red Lion pub in Vicarage Road could have to raise £1.1million to buy it back.

Campaigners, including councillors, residents, a Watford brewery and the Campaign for Real Ale (CAMRA), have launched a bid to get the premises listed as an Asset of Community Value (ACV) - which would give them up to six months to raise the cash.

In a meeting this week, they discussed a potential business plan and decided to produce a questionnaire to give to residents in the surrounding area.

Chairman Andrew Vaughan, from CAMRA, said they wanted to engage the community and ensure those who invest in the business have a stake in it.

He said: "The initial figure from the developer is £1.1 million. We don't know what we will have to pay in the end, I would hope we could get the initial asking price down a bit. It's very early days.

"Our main concern is getting the ACV, which will give us six months to raise the money."

Mr Vaughan added that by posting a paper questionnaire, he hoped the views of as wide a sampling of the community could be taken into account in the business plan.

Vicarage Road cllrs Mo Mills and Jagtar Singh Dhindsa, both Labour, have canvassed residents in the area to see if they want the premises to be kept a pub or turned into flats.

Cllr Dhindsa said residents were already concerned about the lack of parking around Vicarage Road, traffic and strain on GP surgeries and schools.

In addition, cllr Dhindsa said the Health Campus scheme plans to build around 750 new homes in West Watford and the ward shouldn't have to accommodate any more.

He said: "Most residents said they would prefer the site to be a well run pub. I know CAMRA are involved, we do not have many pubs that do real ales in Vicarage ward.

"We already have 750 new homes coming with the Health Campus scheme, we haven't got the infrastructure. Last year there was a notice on my doctors that they are not taking new patients. And parking and traffic are already major issues in Vicarage ward."

Cllr Mills added: “It’s one of the last old buildings in Watford that hasn’t gone yet and would be such a shame to use it. The majority want it to stay as a pub – maybe a community pub with good management. Would hate to see it go – residents want it to stay as do we.”

Watford MP Richard Harrington said: “I think the Asset of Community Value process is a very good one and it was brought in by the government for situations just like this, where local people want to keep a property in use by the community. 500 pubs in England have already been protected in this way. The process is a legal one and I know the council has to follow strict guidelines, which sadly as the MP I can’t influence.”